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6 Financial Fears - and how to face them /
Finance
Financial Fears – and how to face them
There are many financial worries that can play on your mind, but there are also simple fixes to a lot of them. We look at some of the main ones...
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r Martin Fahy, chief executive, Association of Superannuation Funds of Australia (ASFA) highlights a big fear that is currently cause for concern for retirees.
“The relatively low rate of inflation has brought interest rates for bank deposits to historically low levels, placing pressures on the household budgets for retirees relying on income from term deposits and similar investments.” If any of these financial fears have got you spooked, read on for a trick or two that should work a treat.
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I’ll Get Scammed There are all kinds of ways scammers can attempt to get access to your money, property, and identity. Protect yourself by becoming familiar with the different ways scammers operate. Plus, keep your security upto-date on any devices you use for banking or other financial transactions.
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My Money Will Run Out Before I Do If you’re worried about markets or changes in government policy eroding your income, take charge. Rather than sticking your head in the sand, seek advice from trusted financial professionals who are on top of market shifts and government policy changes.
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Markets Will Crash And My Investments Will Plummet The potential for falling markets to impact investment returns is always a risk of seeking higher returns. But there is also a risk associated with doing nothing with your money and leaving it sitting in a bank account. Spreading your investments and balancing your needs with your appetite for risk is what financial planners are trained to do. If you’re worried about investment risks, give your planner a call.
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I’ll Lose Everything In A Fire, Flood, Or Other Natural Disaster Climate change and its possible effects may be your biggest concern. If that’s the case, reviewing your home and contents policy may be your best plan of attack. Check to see what is covered and make sure you’re not underinsured.
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Rising Prices And Fees Will Erode My Lifestyle Utilities prices, grocery bills, bank fees. It often seems like the only way is up when it comes to fees and prices. Best strategy for maintaining your desired lifestyle: be vigilant. Check regularly to see whether switching providers or tweaking some of your habits can make a difference.
APRIL - MAY 2021 ACTIVE RETIREES |
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I Won’t Be Well Enough To Enjoy The Retirement Life I’ve Worked Hard For Looking after your health is just as important as taking care of your wealth. Staying active, eating well, and having adequate insurance protection are vital steps to ensure you and your finances bounce back from any health hiccups. | WWW.PROBUSSOUTHPACIFIC.ORG
